Why Bessemer Backed Anthropic After Passing on OpenAI
Sameer Dholakia explains why Bessemer backed Anthropic at a $15B valuation despite internal pushback and passing on OpenAI at $30B.
Who Wins in the Next Decade of VC | Margin and Price Matter Less in a World of AI | Sameer Dholakia
With Harry Stebbings, Sameer Dholakia · Sunday, October 25, 2026
Bessemer Partner Sameer Dholakia discusses the firm's $5.75 billion fundraise and why artificial intelligence represents a larger supercycle than the internet and cloud combined. He explains Bessemer's underwriting logic for frontier foundation models like Anthropic, how valuation frameworks must shift to next-twelve-months revenue in an era of unprecedented growth, and why venture capital is bifurcating into mega-platforms and niche specialists. Dholakia also shares his operational philosophy on building corporate culture and why companies will continue staying private longer.
Key takeaways
- Bessemer Venture Partners invested in Anthropic's Series D at a valuation of $15 billion pre-money and $18 billion post-money. Read more →
- Bessemer Venture Partners closed $5.75 billion across new funds as private capital pools continue expanding to keep late-stage startups private. Read more →
- Bessemer raised $5.75 billion on the thesis that artificial intelligence represents a larger supercycle than the internet and cloud combined. Read more →
- Sameer Dholakia scaled SendGrid from $30M to over $200M in ARR by building around teammates rather than transactional co-workers. Read more →
- Bessemer raised a $5.75 billion capital pool, allocating $1.75 billion specifically to seed and early-stage investments to secure enough shots on goal against rising entry prices. Read more →
- The classic SaaS growth path of triple, triple, double, double, double (T2D3) no longer wins top venture backing when AI leaders grow 10x annually at scale. Read more →
6 articles from this episode
Sameer Dholakia Predicts an AI IPO Wave by 2028
Bessemer partner Sameer Dholakia explains why startups stay private longer, why secondary sales matter, and when pure-play AI IPOs arrive.
Sameer Dholakia on Valuing AI at 15x Forward Revenue
Sameer Dholakia explains why Bessemer underwrites AI at 10x to 15x next-twelve-months revenue instead of obsessing over trailing ARR multiples.
Sameer Dholakia: Why Teammates Beat Colleagues Every Time
Sameer Dholakia used the 4 H's culture framework to scale SendGrid past $200M ARR. Here is how to screen for teammates instead of colleagues.
Sameer Dholakia: Why the $1 Billion VC Fund Is Dead
Bessemer's Sameer Dholakia explains why venture capital is splitting into mega-platforms and specialists, and what it means for seed checks.
Sameer Dholakia: Capital Is Now a Moat and T2D3 Growth Is Dead
Bessemer's Sameer Dholakia explains why doubling annual revenue no longer wins venture capital when frontier AI companies are 10xing at scale.
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